BCHI vs. BNO

Last updated Jun 26, 2026

BCHI (GMO Beyond China ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - BCHI is a Emerging Markets Diversified fund actively managed by GMO, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. BCHI is actively managed, while BNO is passively managed. Over the past year, BCHI returned 51.93% vs 43.47% for BNO. At a correlation of -0.15, they often move in opposite directions. BCHI charges 0.65%/yr vs 1.00%/yr for BNO.

Performance

BCHI vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Beyond China ETF (BCHI) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCHI achieves a 29.54% return, which is significantly lower than BNO's 47.88% return.

BCHI

• 1D: 0.29%
• 1M: -2.99%
• YTD: 29.54%
• 6M: 29.99%
• 1Y: 51.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: 2.80%
• 1M: -21.13%
• YTD: 47.88%
• 6M: 45.90%
• 1Y: 43.47%
• 3Y*: 18.48%
• 5Y*: 16.63%
• 10Y*: 11.27%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BCHI vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
BCHI GMO Beyond China ETF	29.54%	26.33%
BNO United States Brent Oil Fund LP	47.88%	-7.99%

Correlation

The correlation between BCHI and BNO is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.26
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	-0.15

The correlation between BCHI and BNO shifts across timeframes, from -0.26 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BCHI vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BCHI

BCHI Risk / Return Rank: 81
BCHI Sharpe Ratio Rank: 83
BCHI Sortino Ratio Rank: 76
BCHI Omega Ratio Rank: 84
BCHI Calmar Ratio Rank: 80
BCHI Martin Ratio Rank: 81

BNO

BNO Risk / Return Rank: 33
BNO Sharpe Ratio Rank: 33
BNO Sortino Ratio Rank: 33
BNO Omega Ratio Rank: 34
BNO Calmar Ratio Rank: 30
BNO Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BCHI vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Beyond China ETF (BCHI) and United States Brent Oil Fund LP (BNO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BCHI	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.07	+1.26
Sortino ratio: Return per unit of downside risk	2.97	1.62	+1.36
Omega ratio: Gain probability vs. loss probability	1.44	1.21	+0.23
Calmar ratio: Return relative to maximum drawdown	3.69	1.35	+2.34
Martin ratio: Return relative to average drawdown	13.99	4.51	+9.47

BCHI vs. BNO - Sharpe Ratio Comparison

The current BCHI Sharpe Ratio is 2.32, which is higher than the BNO Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of BCHI and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BCHI vs. BNO - Drawdown Comparison

The maximum BCHI drawdown since its inception was -14.33%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for BCHI and BNO.

Drawdown Indicators

	BCHI	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-14.33%	-87.06%	+72.73%
Max Drawdown (1Y) Largest decline over 1 year	-14.14%	-32.25%	+18.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-5.74%	-30.35%	+24.61%
Average Drawdown Average peak-to-trough decline	-2.29%	-40.09%	+37.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	9.66%	-5.94%

Volatility

BCHI vs. BNO - Volatility Comparison

GMO Beyond China ETF (BCHI) and United States Brent Oil Fund LP (BNO) have volatilities of 11.77% and 11.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCHI	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	11.84%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	20.78%	37.59%	-16.81%
Volatility (1Y) Calculated over the trailing 1-year period	22.46%	41.00%	-18.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.22%	35.72%	-13.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	36.70%	-14.48%

BCHI vs. BNO - Expense Ratio Comparison

BCHI has a 0.65% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

BCHI vs. BNO - Dividend Comparison

BCHI's dividend yield for the trailing twelve months is around 2.83%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BCHI GMO Beyond China ETF	2.83%	3.67%
BNO United States Brent Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCHI and BNO in my portfolio?

BCHI and BNO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCHI or BNO?

BNO has higher volatility (11.84%) compared to BCHI (11.77%). In terms of maximum drawdown, BCHI dropped -14.33% vs BNO's -87.06%.

Which ETF is better, BCHI or BNO?

On 1-year performance, BCHI leads with 51.93% vs 43.47% for BNO. On fees, BCHI is cheaper at 0.65% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCHI or BNO?

Over the 1-year period, BCHI has performed better with a 51.93% return vs 43.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCHI or BNO?

BCHI is cheaper with a 0.65% expense ratio, compared with 1.00% for BNO.

Which ETF pays a higher dividend yield, BCHI or BNO?

BCHI has the higher dividend yield at 2.83%, compared with 0.00% for BNO.

What is the main difference between BCHI and BNO?

BCHI is categorized as Emerging Markets Diversified, while BNO is Oil & Gas. They also come from different issuers: GMO and USCF Investments. Their fees differ too: 0.65% for BCHI and 1.00% for BNO.

Which has better risk-adjusted returns?

BCHI currently has the higher Sharpe Ratio (2.32 vs 1.07), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.